# Cointegration Tests (Kao-style)

| Dep Var | N Panels | Mean ADF t | Kao Stat | p-value | Result |
|---|---|---|---|---|---|
| gross_national_savings_gdp | 149 | -2.174 | -26.538 | 0.0000 | Cointegrated |
| private_saving_gdp | 149 | -2.471 | -30.164 | 0.0000 | Cointegrated |
| govt_saving_gdp | 173 | -2.711 | -35.653 | 0.0000 | Cointegrated |

*Kao (1999) panel cointegration test. H0: no cointegration. ADF regressions on residuals from Z -> savings.*